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HAWX vs. DFWIX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HAWX vs. DFWIX

Last updated Jun 23, 2026

HAWX (iShares Currency Hedged MSCI ACWI ex U.S. ETF) and DFWIX (DFA World ex U.S. Core Equity Portfolio) are both Foreign Large Cap Equities funds. Over the past 10 years, HAWX returned 12.83%/yr vs 11.31%/yr for DFWIX. A 0.79 correlation means they provide meaningful diversification when combined. HAWX charges 0.35%/yr vs 0.31%/yr for DFWIX.

Performance

HAWX vs. DFWIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Currency Hedged MSCI ACWI ex U.S. ETF (HAWX) and DFA World ex U.S. Core Equity Portfolio (DFWIX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, HAWX achieves a 19.66% return, which is significantly higher than DFWIX's 15.13% return. Over the past 10 years, HAWX has outperformed DFWIX with an annualized return of 12.83%, while DFWIX has yielded a comparatively lower 11.31% annualized return.

HAWX

1D
0.64%
1M
5.80%
YTD
19.66%
6M
20.07%
1Y
40.65%
3Y*
22.87%
5Y*
13.58%
10Y*
12.83%

DFWIX

1D
0.99%
1M
2.22%
YTD
15.13%
6M
15.68%
1Y
33.91%
3Y*
19.02%
5Y*
12.09%
10Y*
11.31%
*Multi-year figures are annualized to reflect compound growth (CAGR)

HAWX vs. DFWIX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
HAWX
iShares Currency Hedged MSCI ACWI ex U.S. ETF		19.66%26.24%14.88%17.05%-8.59%13.40%6.92%22.75%-9.77%19.21%
DFWIX
DFA World ex U.S. Core Equity Portfolio		15.13%33.45%4.34%16.74%-14.04%22.41%9.35%19.98%-17.00%30.17%

Correlation

The correlation between HAWX and DFWIX is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.87

Correlation (3Y)
Calculated over the trailing 3-year period

0.87

Correlation (5Y)
Calculated over the trailing 5-year period

0.89

Correlation (10Y)
Calculated over the trailing 10-year period

0.84

Correlation (All Time)
Calculated using the full available price history since Jul 1, 2015

0.79

The correlation between HAWX and DFWIX has been stable across timeframes, ranging from 0.79 to 0.89 - a consistent structural relationship.

Compare stocks, funds, or ETFs

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iShares Currency Hedged MSCI ACWI ex U.S. ETF

DFA World ex U.S. Core Equity Portfolio

Often compared with HAWX:
HAWX vs. HEFAHAWX vs. DBAWHAWX vs. FEDDXHAWX vs. BUFIXHAWX vs. IHDGHAWX vs. DFAIXHAWX vs. GQGPX
Often compared with DFWIX:
DFWIX vs. DFAXDFWIX vs. VXUSDFWIX vs. VFWSXDFWIX vs. FSPSXDFWIX vs. ACWXDFWIX vs. VIGIDFWIX vs. VTMNX

Return for Risk

HAWX vs. DFWIX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
HAWX
HAWX Risk / Return Rank: 8888
Overall Rank
HAWX Sharpe Ratio Rank: 9090
Sharpe Ratio Rank
HAWX Sortino Ratio Rank: 8989
Sortino Ratio Rank
HAWX Omega Ratio Rank: 9090
Omega Ratio Rank
HAWX Calmar Ratio Rank: 8484
Calmar Ratio Rank
HAWX Martin Ratio Rank: 8787
Martin Ratio Rank
DFWIX
DFWIX Risk / Return Rank: 7272
Overall Rank
DFWIX Sharpe Ratio Rank: 7777
Sharpe Ratio Rank
DFWIX Sortino Ratio Rank: 7272
Sortino Ratio Rank
DFWIX Omega Ratio Rank: 7575
Omega Ratio Rank
DFWIX Calmar Ratio Rank: 7070
Calmar Ratio Rank
DFWIX Martin Ratio Rank: 6565
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

HAWX vs. DFWIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Currency Hedged MSCI ACWI ex U.S. ETF (HAWX) and DFA World ex U.S. Core Equity Portfolio (DFWIX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

HAWXDFWIXDifference
Sharpe ratioReturn per unit of total volatility
2.93
2.37

+0.56

Sortino ratioReturn per unit of downside risk
3.89
3.22

+0.66

Omega ratioGain probability vs. loss probability

1.56

1.44

+0.11

Calmar ratioReturn relative to maximum drawdown

4.35

3.09

+1.26

Martin ratioReturn relative to average drawdown

18.01

11.97

+6.04

HAWX vs. DFWIX - Sharpe Ratio Comparison

The current HAWX Sharpe Ratio is 2.93, which is comparable to the DFWIX Sharpe Ratio of 2.37. The chart below compares the historical Sharpe Ratios of HAWX and DFWIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

HAWX vs. DFWIX - Drawdown Comparison

The maximum HAWX drawdown since its inception was -30.63%, smaller than the maximum DFWIX drawdown of -41.80%. Use the drawdown chart below to compare losses from any high point for HAWX and DFWIX.

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Drawdown Indicators

HAWXDFWIXDifference

Max Drawdown

Largest peak-to-trough decline

-30.63%

-41.80%

+11.17%

Max Drawdown (1Y)

Largest decline over 1 year

-9.39%

-10.82%

+1.43%

Max Drawdown (3Y)

Largest decline over 3 years

-13.30%

-13.11%

-0.19%

Max Drawdown (5Y)

Largest decline over 5 years

-17.47%

-27.31%

+9.84%

Max Drawdown (10Y)

Largest decline over 10 years

-30.63%

-41.80%

+11.17%

Current Drawdown

Current decline from peak

0.00%

-0.26%

+0.26%

Average Drawdown

Average peak-to-trough decline

-4.27%

-8.12%

+3.85%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.26%

2.78%

-0.52%

Volatility

HAWX vs. DFWIX - Volatility Comparison

iShares Currency Hedged MSCI ACWI ex U.S. ETF (HAWX) and DFA World ex U.S. Core Equity Portfolio (DFWIX) have volatilities of 5.92% and 5.69%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

HAWXDFWIXDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.92%

5.69%

+0.23%

Volatility (6M)

Calculated over the trailing 6-month period

12.26%

12.20%

+0.06%

Volatility (1Y)

Calculated over the trailing 1-year period

13.98%

14.09%

-0.11%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.54%

15.28%

-1.74%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.24%

15.66%

-0.42%

HAWX vs. DFWIX - Expense Ratio Comparison

HAWX has a 0.35% expense ratio, which is higher than DFWIX's 0.31% expense ratio.

Dividends

HAWX vs. DFWIX - Dividend Comparison

HAWX's dividend yield for the trailing twelve months is around 2.34%, less than DFWIX's 2.79% yield.

PositionTTM20252024202320222021202020192018201720162015
DFWIX
DFA World ex U.S. Core Equity Portfolio		2.79%3.00%3.32%3.36%3.11%10.71%1.81%2.36%3.50%2.36%2.59%2.31%
HAWX
iShares Currency Hedged MSCI ACWI ex U.S. ETF		2.34%2.80%3.31%2.95%16.94%2.63%2.00%3.23%2.51%2.40%2.49%3.86%

Frequently Asked Questions

HAWX and DFWIX have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

HAWX has higher volatility (5.92%) compared to DFWIX (5.69%). In terms of maximum drawdown, HAWX dropped -30.63% vs DFWIX's -41.80%.

HAWX currently has the higher Sharpe Ratio (2.93 vs 2.37), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.

Portfolio Optimizer

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